Baillie Gifford & Co. Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Baillie Gifford & Co. bought a new position in DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 6,633,458 shares of the company’s stock, valued at approximately $246,765,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Creative Planning raised its position in DraftKings by 21.8% in the 3rd quarter. Creative Planning now owns 64,286 shares of the company’s stock valued at $2,520,000 after buying an additional 11,511 shares during the last quarter. Cornerstone Wealth Management LLC bought a new position in DraftKings in the 3rd quarter valued at $297,000. Bleakley Financial Group LLC grew its stake in shares of DraftKings by 3.7% during the 3rd quarter. Bleakley Financial Group LLC now owns 28,023 shares of the company’s stock worth $1,098,000 after acquiring an additional 996 shares during the period. V Square Quantitative Management LLC bought a new position in shares of DraftKings during the 3rd quarter worth $46,000. Finally, Stratos Wealth Advisors LLC grew its stake in shares of DraftKings by 7.3% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 27,513 shares of the company’s stock worth $1,079,000 after acquiring an additional 1,877 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

Shares of DKNG stock opened at $53.49 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a fifty day moving average price of $40.54 and a 200 day moving average price of $38.77. The company has a market cap of $26.08 billion, a P/E ratio of -60.78, a PEG ratio of 3.18 and a beta of 1.93. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Sell-side analysts predict that DraftKings Inc. will post -0.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on DKNG. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of DraftKings in a report on Friday. TD Cowen cut their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Benchmark lifted their price target on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Friday. Barclays lifted their price objective on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Finally, Morgan Stanley upped their price objective on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $51.64.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,163,742 shares of company stock worth $47,082,888 over the last three months. 51.19% of the stock is currently owned by corporate insiders.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.